In the third quarter of the fiscal year 2023-24, HDFC Asset Management Company Ltd (HDFC AMC) reported a substantial 32% year-on-year increase in Profit After Tax (PAT), reaching ₹488 crore.
The consolidated net profit for the quarter ending December 2023 demonstrated a notable growth of 32.2% compared to ₹369.2 crore reported in the corresponding period of the previous year. HDFC AMC disclosed a consolidated revenue of ₹671.3 crore, marking a significant 20% YoY increase from ₹559.6 crore in the year-ago period, as indicated in an exchange filing.
On the stock market, HDFC AMC shares concluded the day 2.47% higher at ₹3502 per share on the Bombay Stock Exchange (BSE). The firm wrapped up the quarter with assets under management (AUM) totaling ₹5.75 lakh crore. The Quarterly Average Assets Under Management (QAAUM) were reported at ₹5.51 lakh crore.
Comparing it to the same quarter in the previous fiscal year, HDFC AMC’s income experienced a substantial 23% annual growth, reaching ₹814.17 crore in the October-December period of the current fiscal year, as opposed to ₹663 crore in the year-ago period.
During the quarter ending December 31, 2023, the asset management firm distributed a final dividend of ₹48 per equity share (face value of ₹5 each) for the financial year that concluded on March 31, 2023.
For the nine months leading up to December 31, 2023, HDFC AMC achieved a PAT of ₹1,402 crore and a total income of ₹2,312.14 crore. Noteworthy as one of the largest mutual funds in the country, HDFC AMC functions as the investment manager for HDFC Mutual Fund.
